Legal institutions and the development of financial systems revisited

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dc.contributor.authorBECK, Thorsten Harald Leopold
dc.contributor.authorLEVINE, Ross
dc.date.accessioned2025-04-03T08:31:39Z
dc.date.available2025-04-03T08:31:39Z
dc.date.issued2025
dc.descriptionPublished online: 17 March 2025en
dc.description.abstractThis chapter reviews the finance and law literature, which focuses on the role of legal institutions in shaping financial development. Considerable research finds that (1) in legal systems that enforce private property rights, support private contractual arrangements, and protect investors’ legal rights, savers are more willing to finance firms, and financial markets more efficiently allocate capital, and (2) the different legal traditions that emerged in Europe over previous centuries and were spread internationally through conquest, colonization, and imitation help explain cross-economy differences in investor protection, the contracting environment, and financial development. We discuss alternative explanations of financial development and weigh the evidence.en
dc.description.versionPublished version of CEPR Discussion Paper 2024/19387en
dc.format.mimetypeapplication/pdfen
dc.identifier.citationClaude MÉNARD and Mary M. SHIRLEY (eds), Handbook of new institutional economics (2nd edition), Cham : Springer, 2025, pp. 359-389en
dc.identifier.doi10.1007/978-3-031-50810-3_16
dc.identifier.isbn9783031508097
dc.identifier.isbn9783031508103
dc.identifier.urihttps://hdl.handle.net/1814/78260
dc.language.isoenen
dc.orcid.uploadtrue*
dc.publisherSpringeren
dc.relation.isbasedonhttps://hdl.handle.net/1814/77910
dc.rightsinfo:eu-repo/semantics/openAccessen
dc.rights.licenseAttribution 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/*
dc.subjectFinancial development
dc.subjectLegal institutions
dc.subjectCorporate finance
dc.subjectLegal origin
dc.subjectLegal adaptability
dc.titleLegal institutions and the development of financial systems revisiteden
dc.typeContribution to booken
dspace.entity.typePublication
person.identifier.other45508
relation.isAuthorOfPublicatione5eb7c26-0581-4333-9977-d261c87c02b7
relation.isAuthorOfPublication.latestForDiscoverye5eb7c26-0581-4333-9977-d261c87c02b7
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